Q1 2026 Results

Sacyr News Sacyr reports a net profit of €78 million (+157%) and operating cash flow of €631 million (+18%)

Sacyr reports a net profit of €78 million (+157%) and operating cash flow of €631 million (+18%)

Sacyr updates the valuation of its concession assets to €4,601 million, excluding divestments. This figure represents a 16% increase (€644 million) compared to 2025 and a 30% rise compared to 2024.
Dividend paid to shareholders in 2026 increased by 21%, driven by a 122% rise in cash remuneration.

29/07/2026

Sacyr reported net profit of €78 million in the first half of 2026, a 157% increase compared to the same period in 2025.

Operating cash flow stood at €631 million between January and June, up 18% compared to the same comparable period last year, excluding cash contribution from assets divested in 2025.

Revenue reached €2,437 million (+9%) and EBITDA stood at €708 million (+9%).

Concession assets accounted for 91% of EBITDA. Most of these assets are shielded from demand risk or have risk mitigation mechanisms in place.

Growth in asset value

Sacyr has updated the valuation of its concession assets, which stood at €4,601 million, excluding divestments. This represents growth of 16% (€644 million) compared to the 2025 valuation and 30% (€1,050 million) versus the Investor Day 2024 figure.

This 30% increase over two years is due to several factors: the passage of time, which increases asset value; operating management of concessions; portfolio resilience; and newly awarded assets.

This growing portfolio value is supported by a strong generation of distributions, which now total €19.9 Bn, up 17% compared to the 2025 valuation. The annual average is €484 million.

The 2024-2027 Strategic Plan sets an asset value target of €5.1 Bn in 2027 and between €9 Bn and €10 Bn million in 2033, excluding divestments.

Cash dividend increase

Sacyr paid a dividend of €0.149 in 2026, representing a 21% increase compared to 2025. Of this amount, €0.10 was paid in cash last July and €0.049 through a scrip dividend in January.

Cash payment increased by 122% compared to 2025, in line with the Strategic Plan, which set a target of distributing at least €225 million in cash between 2025 and 2027.

In the first half, Sacyr met its target of keeping the ratio of recourse net debt to recourse EBITDA plus concession distributions over the last 12 months at or below one time. Recourse net debt stood at €264 million at the end of June, compared to €289 million in March.

Concession contracts

During the first six months, Sacyr signed four concession contracts. In Canada, it signed the Ontario Science Centre, its first concession in the country. In Chile, it signed the concessions for the Pie de Monte highway and the Coquimbo desalination plant, strengthening its water activity. In Italy, it signed the concession contract for the Novara City of Health and Science.

Performance by business area

Concessions.- Sacyr Concessions reported revenue of €977 million, up 20% compared to the first half of 2025.

Operating revenues increased by 12% and construction revenues rose by 37%, driven by the start of the Ontario Science Centre (Canada) and the strong pace of execution of projects in Chile, Paraguay, and Colombia.

EBITDA stood at €402 million (+15%), supported by strong operating performance despite the removal from the deconsolidation of the assets sold in Colombia.

Engineering and Infrastructure.- Revenue reached €1,584 million (+10%) in the first half, while EBITDA stood at €270 million (+4%). These increases were driven by the start of works on proprietary concessions in the United States, Canada, Paraguay, and Chile, as well as progress on projects in the United Kingdom, Ireland, Chile, and Colombia.

The strategy for this business line focuses on controlling and reducing risk in third-party projects. As a result, the share of the backlog for Sacyr Concessions now stands at 76%, in line with the Strategic Plan.

EBITDA margin in construction activity rose to 5%.

Total Engineering and Infrastructure backlog reached a record €13.0 Bn, a 4% increase compared to December 2025.

Sacyr has been selected as one of the construction partners for NHS England’s New Hospital Programme through the Hospital 2.0 Alliance (H2.0A), under which it will develop the new Frimley Park Hospital.

Water.- This business line grew strongly, with revenue reaching €185 million (+33%) and EBITDA of €35 million (+8%). The division’s net profit increased by 45% to €10.6 million.

These figures reflect the solid operating performance of Sacyr Water and the contribution from new projects such as the Antofagasta reuse water plant (Chile) and the acquisition of Aigües de Esparraguera (Spain).

Sacyr Water backlog ended the first half at €8,200 million, up 18% compared to December 2025.

Finally, Sacyr Water successfully closed financing for the Salar del Carmen reuse water plant, located in Antofagasta, Chile, for $460 million. The concession term is 35 years.

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Sacyr News Innovation to cut concrete use in tunnels

Innovation to cut concrete use in tunnels

We have carried out a pilot project on Line 5 of Bilbao Metro to test an additive that can cut concrete waste by 40% in tunnel construction.

29/07/2026

Shotcrete is essential in tunnel construction: it stabilizes excavations and helps ensure safe working conditions.

However, not all material adheres to tunnel surfaces. Some falls to the ground, creating waste and material losses, increasing cleanup work and adding to environmental impact. Under normal conditions, waste can exceed 15% of concrete used in the process.

At Sacyr Engineering and Infrastructure, we have launched ECO-Shot, a pilot project during construction of Line 5 of Bilbao Metro to address this issue. The project assessed performance of MC-Montan Shotsol, an additive designed to improve concrete cohesion and significantly reduce rebound. We had previously used this additive on a project in Colombia.

“The trial was carried out under real site conditions, comparing two identical mixes that differed only in the additive used,” explains Pablo García del Campo, technical director at Cavosa. “To ensure reliable results, all application factors were kept constant: same spraying robot, same operator, same working environment and same sprayed volume,” he adds.

In trials, rebound material fell from 12.5% to 7.6%, a reduction of nearly 40%.

“During tests, the mix showed more stable behavior and more continuous pumping, reducing adjustments needed during application. This led to a smoother process, less equipment wear and improved productivity,” says García del Campo.

The most significant impact is environmental. Because less concrete is needed to achieve the same result, cement consumption falls. Cement is one of construction’s highest-carbon materials.

According to our estimates, this improvement could avoid around 253 metric tons of CO₂ equivalent on the metro works, thanks to lower material consumption and fewer transport movements linked to the project.

Initiatives like this help us keep moving toward more efficient, competitive and sustainable construction. They also show that innovation applied on site can deliver economic, operational and environmental benefits.

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